House Republicans are taking aim at the U.S. Small Business Administration’s direct lending efforts — including its Economic Injury Disaster Loan program — citing the potential for fraud and waste.
The charges come in the form of an Oct. 1 letter from 12 Republicans, including Rep. Blaine Luetkemeyer, R-Mo., ranking member of the House Small Business, addressed to House Speaker Nancy Pelosi, D-Calif., and House Minority Leader Kevin McCarthy, R-Calif., urging extreme caution before expanding any of the agency’s direct lending efforts.
“Not only has the SBA’s EIDL program been plagued with delays and underwhelming communication efforts, but it has also been susceptible to fraudulent activity due to a lack of oversight controls,” the letter stated.
Read the full story on cleveland.com’s sister site, Cleveland Business Journal.
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October 06, 2021 at 03:16AM
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Lawmakers take aim at SBA direct lending, popular EIDL program - cleveland.com
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